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12/08/23 11:34AM
Re: Re: Re: Re: Re: Re: Trading dynamics
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Just so we're on the same page...below is from 3Q23 deck. YTD recurring SBC is $16mm compared to only $7mm last year. FY23 recurring SBC will likely be > $20mm, so that has more than... login to read the rest
re SBC- I have 18mln of recurring TTM and 15mln tied to the acquisitions and the CEO transition. I don't consider those recurring.
re valuation, as I mentioned, I am using forward numbers given the higher
I know WTI hurt EBITDA margin, but we shall see the trend from here.
I'm referring to SBC (excluding acquisitions and CEO transition). Here's the trend: $31mm 3Q23 runrate, $19mm LTM, $10mm FY22, $2mm FY21.
Re: Valuation...$1.20b... login to read the rest
Thanks for the thoughts. I agree with you on 2 and 3. New CEO has impressive credentials but has never been a CEO and I don't love the cofounders stepping down.
Re EBITDA margin, that is... login to read the rest
I struggle liking PX here b/c: 1) not cheap at 19x FCF (maybe 17.5x removing NWC & 1x items), 2) co-founders no longer CEOs, 3) new CEO has never been a CEO, 4) should have... login to read the rest
PX was initially an NOL shell. They have since added to the tax assets by stepping up the basis of acquired companies and using the related amortization.
PX is run by Robert Alpert and Clark Webb.... login to read the rest
Interesting idea.. as the write up was quite short I am wondering if you could elaborate a bit more on the following topics:
where does the NOL come from
management - how long they been there, incentivised,
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